I dug up this archived story i never read before that others might be interested in also to read.
New Exploration in Tanzania
15th January 2010
Tanzanian mining company Lake Victoria Mining reports that it has identified three new parallel gold veins with positive assay results and has begun completion of property acquisition at the Singida gold project, in Tanzania.
The company, in agreement with one of its Tanzanian directors, completed the acquisition of 21 primary mining licences, which represent one-third of the entire 5-km-long gold bearing project area. ?These property acquisitions come on the heels of identifying a number of new parallel ?gold veins.
A total of 13 trenches have been excavated ?across vein structures at the gold project. Preliminary information from five trenches indicates that there may be three new gold bearing veins, in addition to the main vein structure; the vein closest to the main vein appears to lie about 20 m north-east of the main vein.
These new veins, in near surface trenches, appear to be similar in character to the near-surface character of the main vein, which the company has sampled at depths of up to ?50 m in 36 existing small-scale mine shafts. The vein system trends north-west–south-east, and the new veins are located on the north-east side of this main 5-km-long vein, underground samples of which averaged a gold grade of 7,1 g/t.
Lake Victoria president Roger Newell says that, based on the fact that all its exploration of the project has yielded positive results and given further expansions, the company’s confidence in the commercial potential of Singida is high.
Meanwhile, mineral exploration company?Indago Resources has announced that a prospectus for the spin-off of its Tanzanian gold ?assets has been lodged with the Australian Securities and Investment Commission, ?enabling the company to take ?another significant step forward in its plan to increase shareholder ?value from its existing assets.
Indago will emerge with a 67,5% stake in the new listed company, Tusker Gold, following two transactions. ?The first transaction will see Indago receive 50-million Tusker shares valued at 20c each as vendor consideration for the Tanzanian gold assets. In the second transaction, Tusker will raise $10-million through the issue of a further 50-million shares at 20c each. Indago will subscribe for 17,5-million of these shares, representing a $3,5-million ?investment.
A priority pool of five-million shares will be set aside for Indago shareholders on the register at the record date.
Further, exploration company ?Canaco Resources reports that it has had positive results from surface channel sampling at Magambazi North and an ?expanded exploration effort that includes additional diamond drilling of the Magambazi gold prospect at the company’s Handeni gold project, located in the Handeni region of Tanzania.
At Magambazi North, results from channel sampling of an occurrence of exposed bedrock mineralisation have returned grades of 2,99 g/t of gold. ?The Magambazi North prospect was originally defined by ?geochemical surveying designed to identify the source of large ?alluvial deposits found in river beds draining the immediate area. The results of the soil sampling programme returned 33 ?samples greater than 100 pounds per billion (ppb) gold (Au), with a peak value of 1 218 ppb Au ?(1,22g/t Au).
The Magambazi North anomaly is part of a 1,4-km-long trend of gold mineralisation defined by bedrock gold occurrences, ?artisanal mine workings and soil geochemical anomalies.
Encouraged by the drill results ?at Magambazi, Canaco’s board has approved an expanded ?exploration effort at the Handeni project to continue testing the extent of mineralisation at the Magambazi prospects, identify additional drill targets along the Handeni gold trend and complete a detailed assessment of the controls on mineralisation and the structural geology.